By Deisy Buitrago

CARACAS, June 18 (Reuters) – Repsol (REP.MC), which opens a new tab, aims to expand its projects in Venezuela by adding the Horcón oil field to its portfolio, according to a statement released by the Spanish energy producer on Thursday, following the signing of agreements with the Venezuelan government this week.

The company, which is a key partner of the state-owned PDVSA in oil and gas projects, has signed several preliminary agreements with Venezuela since March to secure gas supplies from the flagship Perla offshore project, which it shares with Italy's Eni (ENI.MI), who opens a new tab, and to expand operations at the Petroquiriquire joint venture, where he hopes to add the La Ceiba and Tomoporo oil fields.

The agreements have added Repsol to the list of negotiators for premium oil and gas areas since the United States detained President Nicolás Maduro in January and proposed a $100,000 million energy reconstruction plan, which led to a sweeping reform of the country’s main oil law to promote business with foreign producers.

Following the issuance of licenses by the United States allowing companies to negotiate and expand energy projects in Venezuela, Repsol aims to increase its total gross production in the country—currently about 45,000 barrels per day—by 50% over the next 12 months and triple it over the next three years, the company said.

The memorandum of understanding signed for the Horcón field, located in northwestern Venezuela, marks Repsol’s first step toward expanding beyond the Barúa and Motatán fields, which are already part of its portfolio. The company also holds interests in the Petrocarabobo project in the Orinoco Belt—the country’s largest oil-producing region—and in the Quiriquire Gas project in eastern Venezuela.

The agreement was signed this week in Caracas during a meeting between Repsol's CEO, Josu Jon Imaz; the company's head of exploration and production, Francisco Gea; Venezuela's interim president, Delcy Rodríguez; Oil Minister Paula Henao; and PDVSA Director Héctor Obregón.

The Spanish company, which has increased its imports of Venezuelan crude oil for its refineries in Europe this year, also intends to move forward with analyzing offshore natural gas opportunities in the South American country, it said.

Report by Deisy Buitrago; edited by Marianna Parraga, Julia Symmes Cobb, and Milla Nissi-Prussak.

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